RUDDY DUCK: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
RUDDY DUCK
Largest movements
- Cash +€118,285
up €118,285 (+200%), from €59,183 to €177,468
mainly Net result for the year (+€134,782) and Depreciation (+€56,659)
- Tangible fixed assets -€40,337
down €40,337 (-17.7%), from €227,554 to €187,217
- Stocks and contracts +€24,527
up €24,527 (+8.3%), from €296,224 to €320,750
- Reserves +€134,782
up €134,782 (+26.4%), from €509,833 to €644,616
- Current portion of long-term debt -€17,258
down €17,258 (-72.8%), from €23,701 to €6,443
- Tax, wage and social debts -€14,384
down €14,384 (-39.4%), from €36,467 to €22,083
of which Remuneration and social security: -€10,788
- Staff costs -€10,805
down €10,805 (-9.5%), from €113,477 to €102,672
- Gross operating margin +€9,502
up €9,502 (+2.7%), from €352,110 to €361,612
- Taxes +€5,971
up €5,971 (+11.7%), from €50,952 to €56,923
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €693,441 | €795,507 | +€102,066 | +14.7% |
| Fixed assets | 21/28 | €228,044 | €188,427 | -€39,617 | -17.4% |
| Tangible fixed assets | 22/27 | €227,554 | €187,217 | -€40,337 | -17.7% |
| Land and buildings | 22 | €155,257 | €141,847 | -€13,410 | -8.6% |
| Plant, machinery and equipment | 23 | €8,523 | €3,476 | -€5,047 | -59.2% |
| Furniture and vehicles | 24 | €47,096 | €27,182 | -€19,914 | -42.3% |
| Other tangible fixed assets | 26 | €16,678 | €14,712 | -€1,966 | -11.8% |
| Financial fixed assets | 28 | €490 | €1,210 | +€720 | +147% |
| Current assets | 29/58 | €465,397 | €607,080 | +€141,683 | +30.4% |
| Stocks and contracts in progress | 3 | €296,224 | €320,750 | +€24,527 | +8.3% |
| Stocks | 30/36 | €296,224 | €320,750 | +€24,527 | +8.3% |
| Amounts receivable within one year | 40/41 | €6,772 | €6,399 | -€373 | -5.5% |
| Trade receivables | 40 | €4,156 | €5,225 | +€1,068 | +25.7% |
| Other amounts receivable | 41 | €2,615 | €1,174 | -€1,441 | -55.1% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €59,183 | €177,468 | +€118,285 | +200% |
| Deferred charges and accrued income | 490/1 | €3,219 | €2,463 | -€756 | -23.5% |
| Total equity and liabilities | 10/49 | €693,441 | €795,507 | +€102,066 | +14.7% |
| Equity | 10/15 | €528,433 | €663,216 | +€134,782 | +25.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €509,833 | €644,616 | +€134,782 | +26.4% |
| Distributable reserves | 133 | €509,833 | €644,616 | +€134,782 | +26.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €165,008 | €132,291 | -€32,717 | -19.8% |
| Amounts payable after more than one year | 17 | €6,443 | €0 | -€6,443 | -100% |
| Financial debts | 170/4 | €6,443 | €0 | -€6,443 | -100% |
| Amounts payable within one year | 42/48 | €158,565 | €132,291 | -€26,274 | -16.6% |
| Current portion of amounts payable after more than one year | 42 | €23,701 | €6,443 | -€17,258 | -72.8% |
| Trade debts | 44 | €96,199 | €94,163 | -€2,036 | -2.1% |
| Suppliers | 440/4 | €96,199 | €94,163 | -€2,036 | -2.1% |
| Advances received on contracts in progress | 46 | €93 | €2,326 | +€2,233 | +2,389% |
| Taxes, remuneration and social security | 45 | €36,467 | €22,083 | -€14,384 | -39.4% |
| Taxes | 450/3 | €21,838 | €18,243 | -€3,596 | -16.5% |
| Remuneration and social security | 454/9 | €14,629 | €3,841 | -€10,788 | -73.7% |
| Other amounts payable | 47/48 | €2,104 | €7,276 | +€5,172 | +246% |
| Non-recurring operating income | 76A | - | €331 | +€331 | |
| Remuneration, social security and pensions | 62 | €113,477 | €102,672 | -€10,805 | -9.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,080 | €56,659 | +€1,579 | +2.9% |
| Other operating charges | 640/8 | €5,955 | €6,533 | +€578 | +9.7% |
| Gross operating margin | 9900 | €352,110 | €361,612 | +€9,502 | +2.7% |
| Operating profit (loss) | 9901 | €177,598 | €195,749 | +€18,151 | +10.2% |
| Financial income | 75/76B | €0 | €109 | +€109 | |
| Recurring financial income | 75 | €0 | €109 | +€109 | |
| Financial charges | 65/66B | €4,392 | €4,152 | -€239 | -5.4% |
| Recurring financial charges | 65 | €4,392 | €4,152 | -€239 | -5.4% |
| Profit (loss) for the period before taxes | 9903 | €173,207 | €191,706 | +€18,499 | +10.7% |
| Income taxes | 67/77 | €50,952 | €56,923 | +€5,971 | +11.7% |
| Profit (loss) for the period | 9904 | €122,255 | €134,782 | +€12,528 | +10.2% |
| Profit (loss) for the period to be appropriated | 9905 | €122,255 | €134,782 | +€12,528 | +10.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.